Possible Reasons Why Agent's FHA Loans Don't Close on Time
Possible Reasons Why Agent's FHA Loans Don't Close on Time
Real Estate agents work hard to get borrowers business and help them get their loan sent into a lender and off to closing the deal. Since the industry has been increasingly changing and becoming tighter as far as regulations go, agentsneed to make sure that their loan documents and selling practices are up to standards in order to make sure they close their loans without many hold ups.
According to FHA guidelines listed on www.fha-home-loans.com, here are a few potential reasons why some real estate agent's loans may be delayed when it comes to closing time.Hopefully, this can be of some assistance in assuring that agent's loans are submitted correctly in order to close their loans quickly.
Improperly signed documents- may cause a delay of 1-3 weeks
No pre-qualification of borrower for motivation- may cause delay of 2 weeks
Lack of returning client and broker/lender phone calls- may cause delay of 1-3 weeks
Agent transfers to another office- may cause delay of 1 week
Overall lack of communication with borrower- may cause delay of 1-4 weeks
There are manyparties beyond the agentthat are included in closing a loan such as the lender, Title Company, and home inspector. Even so, the borrower typically deals directly with the agent so making sure that the paperwork and overall loan process is tidy and easily transferrable from the beginning will almost always guarantee a faster closing in the end. This will result in the satisfaction of not only your borrower but all the other parties included in your closing deal that will also benefit from a quick and easy closing.